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Bank guarantee

Contract between a bank as guarantor and a beneficiary in which the bank commits itself to pay a certain sum under certain, specified conditions. Thus, a demand guarantee is one in which the bank agrees to pay against the simple written demand of the beneficiary.

News On Bank guarantee
Diageo braces for legal battle with Mallya over guarantee  

30-07-2015| Source:CNBC-TV18

Diageo says one of Vijay Mallya's company has defaulted on a loan to Standard Chartered Bank. And since this, Diageo gave a conditional back-stop guarantee of USD 135 million for this loan

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